It has been some time since we have seen the Freedom Foods Group Ltd (ASX: FNP) share price trading on the ASX boards.
But that doesn’t mean the embattled food company isn’t busy behind the scenes.
This afternoon Freedom Foods announced the appointment of its new interim chief executive officer to lead it through its current crisis.
What did Freedom Foods announce?
According to the release, the Freedom Foods board has unanimously appointed Michael Perich as its interim Chief Executive Officer with immediate effect. Mr Perich is a major shareholder of the company.
This appears to be a good fit for the company. Mr Perich, in his capacity as an Alternate Director, has been taking a lead role in the ongoing investigations and review of its operations.
He will be replacing Brendan Radford, who stepped into the role of acting CEO after the unceremonious departure of Rory Macleod in June.
Freedom Foods explained the move: “While the review is still ongoing, it has become clear that for the successful recapitalisation of the company there is a need for executive ownership and accountability to implement the operational turnaround. “
“This cannot wait for an external search for a new CEO to be completed. Michael Perich has a deep understanding of the business and will provide the stability, focus and leadership required as the Company manages the issues that have been previously reported to the ASX,” it added.
This is not expected to be a long term appointment, though. The release explains that the board intends to conduct an external process for the appointment of a permanent CEO at the appropriate time once the operational turnaround is sufficiently progressed.
In addition to this, the company continues to search for a Chief Financial Officer. For now, Stephanie Graham will continue in the acting CFO role until an appointment is made.
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More reading
- What can we learn from the Freedom Foods share price saga?
- Here are the 10 most shorted shares on the ASX
- Why the Freedom Foods share price will be suspended until 30 October
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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